When in Srinagar, we stayed in Centaur Hotel which is very well located around Nagin lake. It's a very well located and huge property around the lake. This Photo Journey shares more about the place, services, cost and other relevant things in Kashmir.
Centaur has huge hotel complex and more than the hotel building, space is utilized as gardens and lawns. Most of these gardens and lawns are facing lake. Exteriors of this hotels are well maintained while the main building is in bad shape. There are very few rooms which are in better state. Rooms in the ground floor are in worst state.
You can expect good food, if you don't have very high expectations in terms of variety or cuisines. Hotel has humble staff and Centaur offer good service.
But you have to be lucky to get decent room. We had to change room twice. First room was on ground floor and there was very bad smell of monsoon fungus. When we moved to other room, we found that mattresses of the room were uneven. After lot of arguments, we were upgraded to the better room. Such experiences make a vacation worse. For first 2 days, we felt like not coming back to the hotel.
Centaur is located at best place around the lake and has huge space. But unfortunately it's badly maintained. I know that folks recommend it as value for money, but given a choice I would stay in 2/3 star hotel which is reliable.